Hi All, could you help me out with this one.
A local authority invested in a limited company and the investment has not worked out and they want to wind up the company. The company is wholly owned by the authority. At the moment there initial investment (which is over £4k) has been treated as share premium. The company has no other creditors. The preferred option will be to do a solvent strike off (to avoid further costs of liquidation). The authority has accepted that the investment will be lost but if they strike off the company with the investment treated as share premium could they then be exposed to a Bona Vacantia claim? If this is the case is there anyway to mitigate this? thanks in advance for any advice.